Man : Trading statement for the quarter ended 30 September 2016

Press Release

• Funds under management (FUM) has increased by 6% during the quarter to $80.7 billion at 30 September 2016 (30 June 2016: $76.4 billion)

  • Positive investment movement of $2.5 billion in the quarter driven by good performance for GLG and Numeric, partially offset by weaker performance across AHL's strategies

  • Net inflows in the quarter of $1.3 billion, comprising sales of $6.0 billion and redemptions of

    $4.7 billion, with net inflows into quant alternative, fund of fund alternative, and quant long only, partially offset by net outflows from discretionary alternatives and long only

  • FX translation effects were flat in the quarter

  • Other positive movements of $0.5 billion with positive investment exposure adjustments of

    $0.6 billion, partially offset by CLO maturities

  • Acquisition of Aalto, a real asset focused investment manager with $1.7 billion of funds under management, is due to complete in January 2017 subject to regulatory approvals and other customary conditions

  • Man Global Private Markets business is launched with the acquisition of Aalto, which will provide clients with access to longer term investments

  • Intention to repurchase up to $100 million of shares; we will continue to review further potential acquisition opportunities

  • Surplus regulatory capital of $470 million at 30 September 2016; around $300 million pro- forma including the impact of acquisition and share repurchase

"In a difficult market environment, we are pleased to report a $4.3 billion increase in funds under management in the quarter driven by a positive investment movement of $2.5 billion and net flows of $1.3 billion. There was good investment performance across both alternative and long only strategies at GLG and Numeric, offsetting negative performance among some of AHL's strategies this quarter, as the market proved more difficult for trend following strategies. The net inflows were driven largely by the appetite of institutional clients for our quant alternative and quant long only strategies."

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Man announced today that it has entered into an agreement to acquire the entire issued share capital of Aalto Invest Holding AG and launched Man Global Private Markets, forming the firm's private market offering, which provides clients with access to longer term investments.

Full details of the transaction and the launch of the Man Global Private Markets business are provided in a separate announcement released this morning.

Man's dividend policy is to pay at least 100% of adjusted management fee earnings per share in each financial year by way of ordinary dividend. In addition, the Group expects to generate significant surplus capital over time, primarily from net performance fee earnings. Available surpluses, after taking into account required capital (including accruals for future earn-out payments), potential strategic opportunities and a prudent buffer, will be distributed to shareholders over time, by way of higher dividend payments and/or share repurchases. Whilst the Board continues to consider dividends as the primary method of returning capital to shareholders, it will continue to execute share repurchases when advantageous.

In line with this policy it is our intention to launch a share repurchase programme for up to $100 million to return surplus capital to shareholders, which will be conducted over the next 12 months.

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FUM movements by product type

Quant alternative (AHL / Numeric) FUM increased to $19.4 billion during the quarter driven by net inflows, partially offset by negative investment movement. The net inflows of $0.7 billion included

$0.4 billion into Dimension, $0.2 billion into Alpha, and $0.2 billion into Institutional Solutions, partially offset by small net outflows across other strategies. Performance was negative across the majority of AHL strategies during the quarter, with a $0.5 billion reduction in FUM, with Evolution down -1.3%, Alpha down -2.9%, Dimension down -3.2% and Diversified down -5.2% in the quarter. Positive FX movements of $0.1 billion were mainly driven by the US Dollar weakening against the Australian Dollar. Other movements of $0.1 billion were in relation to investment exposure adjustments. As at 30 September 2016, 3% of AHL performance fee eligible open ended FUM was at high watermark and 50% was within 5% of high watermark. The weighted average distance from high watermark for all AHL performance fee eligible FUM was -7.4%.

Discretionary alternatives (GLG) FUM decreased by $0.3 billion during the period with net outflows and CLO maturities, partially offset by positive investment performance. The net outflows of $0.6 billion included $0.4 billion from the equity long short strategy. Negative other movements of $0.1 billion primarily relate to CLO maturities during the quarter. Investment performance increased FUM by $0.3 billion in the quarter, driven by positive performance for the equity long short strategy (up 4.0% for the quarter) and good performance across the range of strategies. Positive FX movements of $0.1 billion related to the weakening of the US Dollar against the Euro. As at 30 September 2016, 15% of GLG performance fee eligible FUM was at high watermark and 60% was within 5% of high watermark.

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Alternative fund of funds (FRM) FUM increased by 8% during the quarter to $12.7 billion. Net inflows of $0.4 billion included $0.8 billion of inflows from managed account mandates, of which

$0.7 billion was from a new managed account mandate and $0.1 billion from a previously awarded mandate, partially offset by net outflows of $0.2 billion from segregated portfolios and $0.2 billion from traditional fund of fund strategies. Investment performance across FRM's strategies was flat for the quarter. Positive other movements of $0.5 billion related to investment exposure adjustments.

Quant long only (Numeric / AHL) FUM increased by $2.4 billion during the quarter with net inflows and positive investment movements. Net inflows of $1.0 billion included $1.1 billion into Emerging Market strategies, which are nearing capacity, and $0.1 billion into Global Core, partially offset by

$0.2 billion of net outflows across Numeric's other strategies. The positive investment movement of

$1.4 billion was primarily due to a combination of investor demand for Emerging and Global equities and Numeric positive performance. The asset weighted outperformance against a blend of applicable benchmarks (net of fees) across Numeric's product range for the quarter to 30 September 2016 was approximately 0.9%2 (underperformance of -1.35%2 for the year to date to 30 September 2016).

Discretionary long only (GLG) FUM increased by $0.9 billion to $12.0 billion due to positive investment movement in the quarter, partially offset by net outflows and negative FX movements. Net outflows of $0.2 billion included $0.3 billion from Japan CoreAlpha and $0.2 billion across other strategies, partially offset by $0.3 billion of net inflows for the recently launched Emerging Market Debt strategies. Positive investment movement increased FUM by $1.3 billion during the quarter, which was mainly due to the performance of Japan CoreAlpha, which was up 14.1% for the quarter (compared to the Topix which was up 7.1%). FX movements of negative $0.2 billion in the quarter were mainly due to the US Dollar strengthening against Sterling.

Guaranteed product funds under management remained flat during the quarter at $0.6 billion. There were no guaranteed product launches and minimal redemptions. There were limited maturities during the quarter, with no significant maturities remaining for the rest of the year. On 1 October 2016, there was a de-gear of $0.1 billion following the negative performance in September.

2 Numeric's asset weighted alpha for the periods stated is calculated using the asset weighted average of the performance relative to the benchmark for all strategy composites available net of the highest management fees and, as applicable, performance fees that can be charged.

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